Federal judge OKs HSBC's $1.9B laundering penaltyJuly 2, 2013 @ 5:50 pm
NEW YORK (AP) - A federal judge approved a deal that will allow HSBC to pay a record $1.9 billion penalty to settle accusations the British Bank helped Mexican drug traffickers, Iran, Libya and others under U.S. suspicion or sanction move money around the world.
The settlement, originally announced in December, is the largest penalty ever imposed on a bank.
The Justice Department's case maintained that HSBC's failure to monitor itself allowed criminals and suspect countries like Cuba, Myanmar and Sudan to move hundreds of millions in prohibited transactions through U.S. financial institutions from the mid-1990s through 2006.
Judge John Gleeson of the U.S. District Court for New York's Eastern District approved the plan Monday. It requires court supervision of HSBC for five years, after which the U.S. will seek to dismiss the case.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
No Strings Attached
The state granted Boeing $9 billion in tax breaks but that's not stopping huge job cuts
A cancer survivor says it was God's command to get the checkup that saved her life
Kansas City fans reclaim the world noise record from Seattle
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.